Luckin Boss Fined 300,000 Yuan for Disclosure Issues at His Other Firms
What’s new: Lu Zhengyao, founder of scandal-plagued Luckin Coffee Inc., received two fines totaling 300,000 yuan ($45,596) from China Securities Regulatory Commission, according to statements issued last week.
The first fine was linked to a car rental company owned by Lu which disclosed incorrect asset figures in its financial report for the period of January through March last year. The second was handed down to another of Lu’s companies, which did not disclose its relationship with Luckin and other firms Lu controls.
The background: In September, the Chinese regulator disclosed fines totaling 61 million yuan for two of Luckin’s domestic operators and 43 related third parties.
However, it did not explicitly target Lu for his role in the Luckin scandal as the company is listed in the United States and is beyond the regulator’s jurisdiction.
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